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The new law proposes that revenues from the sale of oil to the international community will be shared between the various Iraqi provinces, with percentages based on population, one of the key concerns for Iraq's Sunni population.
The implications of the hydrocarbon law for international oil companies looking to work in Iraq are huge, with the arrangement allowing for regional government officials and local companies to engage in contracts with any foreign corporations.
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All international oil companies will now be looking at Iraq as a viable investment destination, though the Iraqi Government has stressed the need to be selective in choosing its partners, not always looking for the best financial options but also the best strategic partners, with companies from the US, Europe, Russia, China and India all having the opportunity to invest in Iraq.
For the full version of the proposed hydrocarbon law, please visit the following link
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